Number of mortgages taken out by homebuyers falls to record low

[Mortgages]

Figures released this week from the Council of Mortgage Lenders (CML) show that the number of mortgages taken out by homebuyers fell to 50,300 in January, half the rate of August last year and the lowest figure recorded since CML began collecting monthly information in 2002. According to many lenders, the mortgage market is shrinking [...]

More: Number of mortgages taken out by homebuyers falls to record low

[homeandfamilybills]

Originally Posted by Mortgages

Figures released this week from the Council of Mortgage Lenders (CML) show that the number of mortgages taken out by homebuyers fell to 50,300 in January, half the rate of August last year and the lowest figure recorded since CML began collecting monthly information in 2002. According to many lenders, the mortgage market is shrinking [...]

The mortgage market is decrease under the impact of the continuing problems in the banking system, say lenders.

Yes, new loans for home buyers fell to 50,300 in January, the lowest level for nine years. That was 11,700 fewer than in December and 25,500 fewer than in January 2007.

The CML also said that lenders’ tougher loan criteria were forcing borrowers to put down larger deposits and accept smaller mortgage offers than before.

The credit crunch is now having a significant impact on the availability of finance for home purchases.

This is now having a noticeable impact on lending criteria and the ability of first-time buyers to get into the housing market.

The number of new loans being taken by house buyers is under half that lent a few months before in August 2007, when there were 103,000 such loans.

[Mortgage]

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